NEW YORK CITY — Whitney Museum of American Art has broken ground on a new nine-story, 200,000-square-foot building, located on Gansevoort Street in Manhattan's Meatpacking District. Renzo Piano is the architect on the project, which is expected to be New York City's first certified LEED Silver art museum. The Whitney has raised $508 million of its $720 million project budget, which includes funds for construction and endowment. The building is scheduled to open in 2015.
Northeast
SOUTH KINGSTON, R.I. — Tower HIll Landings, an affiliate of Newport, R.I.-based Landings Real Estate Group, has purchased the 132-unit Kingston Gardens for $9.38 million. Simon Butler, Biria St. John, Michael Byrne and John McLaughlin of Cushman & Wakefield Capital Markets Group's Boston office represented the seller, Hall Keen CDT Kingston L.P., an affiliate of HallKeen Management, and procured the buyer.
BARRINGTON, N.H. — Portsmouth, N.H.-based The Kane Co. has completed the sale of a 30,000-square-foot industrial building, located at 246 Calef Highway in Barrington. Pete Billipp represented the seller and procured the buyer, a local business owner.
NEW YORK CITY — John Ciraulo, Robert Burton and Craig Waggner of New York City-based Massay Knakal recently represented the seller of a 20-unit, walk-up apartment building, located at 245 Mulberry St. in Manhattan, for $7.25 million. Recent renovations to the property includes hardwood floors, marble tile, new appliances and washers and dryers in every unit.
EAST WINDSOR, N.J. — GHP Office Realty has sold the 66,000-square-foot 104 Windsor Center, located in East Windsor, N.J., on behalf of the seller, a group of private investors. Thomas Romano of Newmark Knight Frank's Princeton, N.J., office represented the buyer, a New York City-based private investor who owns several other Princeton area properties.
MANCHESTER, N.H. — Danais Realty Group has purchased the 12-lot, 126-acre Phase I of the Northwest Business Park at Hackett Hill from the City of Manchester for $2.8 million. Danais plans to build up to 1.2 million square feet of office, R&D, manufacturing, warehouse and distribution space on the currently undeveloped site. CB Richard Ellis is the listing agent for the Northwest Business Park.
NEW YORK CITY — Broad Street Development (BSD) has acquired the two-building parcel, located at 209-219 Sullivan Street in New York City, for $33 million from The Children's Aid Society. BSD has planned a redevelopment resulting in approximately 60,000 square feet of condominium residences. Helen Hwang of Cushman & Wakefield's NY Capital Markets Group was the sole broker in the transaction.
HOBOKEN, N. J. — Cushman & Wakefield's Metropolitan Area Capital Markets Group has brokered the sale of the 214-unit 800 Madison, located at 800 Madison St. in Hoboken, from Tarragon Corp. to CB Richard Ellis Investors. Cushman & Wakefield initially marketed the property for sale during its construction but the asset was taken off the market in 2009 when Tarragon filed for bankruptcy. The developer emerged from Chapter 11 in July 2010 and Cushman & Wakefield brought the community to the market again.
LANCASTER, PA. — Daniel Berger of NAI Commercial Partners' Lancaster office has closed two sales in Lancaster. First, 36,540 square feet of industrial space, located at 66-126 Keller Ave., to #B Lancaster L.P. Berger represented both parties. Susquehanna Valley Emergency Medical Services was the buyer. Berger also represented Manufacturers and Traders Trust Company in the sale of 47,808 square feet of office space, located at 2250-2270 Erin Ct. William Rothman of RSR Realtors represented the buyer, County of Lancaster.
NEW YORK CITY — Morgans Hotel Group has sold the 114-room Morgans Hotel and the 168-room Royalton Hotel to FelCor Lodging Trust for $140 million. Morgans Hotel underwent a $10.8 million renovation in 2008 and Royalton Hotel has completed more than $22 million in renovations in the last 3 years. Jeffrey Davis and Gilda Perez-Alvarado of Jones Lang LaSalle Hotel's New York office represented the seller in the transaction.